Yesterday’s high: NZ$1.9162
Yesterday’s low: NZ$1.9012
Pound Tumbles as Inflation Squeeze Continues
The Pound’s rally against the New Zealand Dollar overnight on Monday came to a swift end yesterday morning following the release of the UK’s latest inflation data.
Figures released by the ONS revealed that inflation held at a five-year high in October, adding to concerns that consumers are being squeezed between soaring inflation and weak wage growth.
However the New Zealand Dollar struggled to make any meaningful gains of its own on Tuesday as a buoyant US Dollar and weak commodity prices weighed heavily on the ‘Kiwi’.
NZD Outlook: Sterling to be Weakened by Earnings Data?
Looking ahead, the GBP NZD exchange rate may trend lower again today as the UK publishes its latest wage figures later this morning, with a predicted dip in average earnings likely to exacerbate concerns over pressures on household finances
Meanwhile the New Zealand Dollar is likely to struggle again today amidst a lull in domestic data, with investors likely to shy away from the currency in advance of some important US economic data.
09:30 UK Unemployment Rate Sep
09:30 UK Average Earnings Sep
22:45 NZ Business PMI Oct
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Senior Currency Broker
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